Financial Crime Definition in Russia: A Comparative Analysis with British Law
Introduction
A recent study has shed light on the importance of criminalizing socially dangerous acts committed in Russia’s financial sphere, drawing inspiration from the United Kingdom’s successful experience in combating cybercrimes. The authors analyzed Russian and British legislation to compare criminal law on crimes of financial markets and identify opportunities for using foreign experience in domestic rule-making practice.
Financial Crimes in Russia
According to the study, economic crimes committed by participants in securities markets, insurance, microfinance, investment and leasing, money and currency exchange markets are considered financial crimes in Russia. The authors propose to criminalize some socially dangerous acts committed in the financial sphere using modern information technologies, building upon the UK’s successful experience.
Gaps in Russian Criminal Law
The study revealed gaps in Russian criminal law regarding socially dangerous acts committed in the investment sphere. The researchers emphasized the importance of comparative legal analysis for national lawmaking work and law-enforcement.
Conclusion
In conclusion, the study shows that financial crimes are a serious issue in Russia’s financial markets, and it is essential to adopt measures to prevent and punish such crimes. The authors’ proposal to criminalize socially dangerous acts committed in the financial sphere using modern information technologies could help address this problem.
Recommendations for Improvement
- Strengthen Russian criminal law regarding financially harmful acts
- Implement measures to prevent and detect financial crimes
- Use comparative legal analysis to inform national lawmaking work and law-enforcement
- Leverage digital technologies to combat financial crime
The Way Forward
The research highlights the need for further discussion on how to improve Russia’s legal framework to combat financial crime, particularly in light of the country’s increasing reliance on digital technologies. By adopting a more proactive approach to combating financial crime, Russia can better protect its citizens and maintain trust in its financial markets.